Transfer 250 ETH to xDAI for DXD Buyback

This proposal sends 250 ETH to the Dev multi-sig by way of the ETHRelayer contract which facilitates the transfer to the Dev Multi-sig as outlined below, the funds will then be converted to WETH and bridged over to xDai and deposited into xDXdao base for the purposes of DXD buyback.

Background

DXdao recently voted to extend the DXD buyback by $1M - a proposal which passed both on mainnet and xDai.

Due to the drop in support of solvers for GP v1, for the imminent foreseeable future the buybacks will only be feasible on xDai. Reason for which, this proposal sends 250 ETH over to xDai for buyback purposes.

Details

This proposal sends 250 ETH to the ETHrelayer contract, identified as, 0xb9C11a239CEb03626b439dDeD95AC51ffe000795, which will relay the ETH to the dev multi-sig address, previously identified as 0x5f239a6671bc6d2baef6d7cd892296e678810882 whose signatories have been verified as REP holders, which will convert it to WETH and bridge it over to be deposited into xDXdao.

The ETH / WETH is going to be used exclusively for buyback purposes.

Risks and Considerations

Transfer of these funds relies on the dev multi-sig. xDai also presents risks because security is dependent on its limited validator set. Additionally, cross-chain bridges contain risks.

4 Likes